Carrick firm Schrader Electronics is to receive a timely boost with a share of a £56million investment announced this week.

The development will see the company, which has facilities at Trooperslane and Antrim, expand its production facilities to create 241 high quality jobs over the next three years.

Over £18.3m of the funding will go towards five research and development (R&D) projects, including next generation versions of the company’s highly successful tyre pressure sensors and valves.

Meanwhile, almost £4m will be invested in a staff training programme to equip engineers with the latest design and production techniques.

Announcing the investment earlier this week, Enterprise, Trade and Investment Minister Arlene Foster said: “Founded locally, Schrader Electronics has grown into a highly renowned manufacturing company, whose products are supplied to nearly every major car maker in the world.

“This is the second significant expansion by Schrader in the last three years and it is a ringing endorsement of the company’s Northern Ireland operations, which currently employ almost 1,000 people.

“The 241 new jobs will generate almost £7million a year in salaries and offer high value employment and training opportunities for engineers.”

Invest NI has offered £9.6m support, part funded by the European Regional Development Fund.

The Minister continued: “Schrader’s decision to also invest in five separate research and development projects reflects the company’s ethos of continuous improvement and determination to carve a niche in the market.

“Innovative product development has been a key factor in the company’s success and the investment announced today will help ensure Schrader continues to be in a strong position to meet the expectations of a competitive global market.”

Stephen McClelland, Schrader Electronics’ Managing Director, added: “We expect to double turnover within three years due to both tyre pressure monitoring becoming mandatory this year in Europe, and a number of exciting new product opportunities. Our success stems from our strong R&D base developing and commercialising new products to world class manufacturing standards. This will also allow us to consolidate our position as the world’s leading manufacturer and innovator of sensing and valve solutions for the automotive sector. Invest NI’s support will ensure that we can move quickly to get the new staff in place and the R&D projects underway.”